In some areas, bettors can use an eWallet service to fund their sportsbook account.
Read on to learn more about the types of eWallet services that sportsbooks accept, as well as the benefits of making deposits with an eWallet.
How e-Wallets Can Making Your Betting Easier
eWallets are online platforms that allow people to store numerous credit cards, bank account numbers and other information in one place. This allows for faster transactions because you don’t have to search for your credit card every time you want to make a purchase.
It also allows for more seamless payments, because eWallet platforms act as intermediaries between customers and merchants.
In the past, some gambling websites required users to verify their identity and provide banking information. Now that eWallets have become popular, depositing money is as easy as transferring funds from one account to another.
Fees are low—usually less than $5 for a deposit or withdrawal—and security is guaranteed with eWallet providers.
5 Reasons to Use an Authorized E-Wallet at Your Sportsbook
Please see our list of the main benefits of using an eWallet at your sportsbook:
- eWallets allow you to make deposits instantly. The fastest transfer takes approximately 24 hours, depending on your bank and the sportsbook.
- You needn’t provide identification while using an e-wallet with a sportsbook.
- Deposit limits using e-wallets are significantly higher than those using traditional credit cards.
- It is also easy to deposit with an eWallet, as most services have their own eWallet apps.
- Your eWallet can be funded by multiple means, including different bank accounts and credit cards. This flexibility allows you to manage your account more effectively.
Let’s Talk About The Top 3 eWallets: Skrill, Neteller, & PayPal
Three major eWallets are accepted at the sports betting sites we review: Skrill, Neteller, and PayPal. Each of these eWallets has its own advantages and disadvantages.
Skrill has become one of the best popular e-wallets. Skrill is free to use. There are no fees for depositing money.
However, Skrill charges 1.9 percent of the transaction amount when you send and receive money.
A unique feature of Skrill is that it allows users to withdraw cash from ATMs in Europe and the UK using its balance. In many markets, Skrill is a popular option for funds transfers, with maximum deposits often up to $50,000.
Neteller is a popular eWallet, with bettors able to fund their Neteller account using a variety of methods.
The fee for transferring money to Neteller from your Visa credit card ranges from 1.9% to 4.95%.
Neteller charges a 1% tax to transfer Bitcoin directly into your account, but you can add to your Neteller balance with cryptocurrency.
Many e-wallet services do not offer higher maximum deposits than Neteller, which is why it remains popular among bettors.
PayPal is a popular electronic payment system that allows users to send, receive, and hold funds in 25 different currencies. Its multi-currency functionality is particularly appealing for online gamblers who keep their money in multiple denominations.
Unlike other eWallets, PayPal allows you to load money onto your account to make purchases, or pay directly from your linked accounts—without first having to add money to your balance.
There are fees to sending and receiving money from out of the country, as well as fees for selling goods or services.
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